EnWave Signs Non-Exclusive License With Merck, Agrees to Build Second Generation Radiant Energy Vacuum Dryer

VANCOUVER, BC--(Marketwired - December 29, 2014) - EnWave Corporation (TSX VENTURE: ENW) (E4U.F) ("EnWave", or the "Company") today announced that it has signed a non-exclusive Research and Development License Agreement (the "Agreement") with Merck ("Merck"), known as MSD outside the United States and Canada, through a subsidiary to enable testing and advancement of the Company's Radiant Energy Vacuum ("REV™") dehydration technology in the pharmaceutical industry.

This latest license builds upon a prior agreement signed in 2012 with Merck that provided for activities on an exclusive basis. With this new arrangement, EnWave can now actively pursue additional research partners in the pharmaceutical industry in an effort to promote eventual widespread adoption of REV™ technology as a replacement for lyophilization.

Under the terms of the 10 year Agreement, both parties have established a work plan for the production of a specifically designed non-GMP REV™ dryer. EnWave will be eligible for undisclosed milestone payments associated with the progress of the project. Further terms of the Agreement were not disclosed. Merck will retain an option to exclusively license REV™ for the drying of several specific vaccines.

About EnWave
EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed twelve royalty-bearing licenses, opening up eight distinct market sectors for commercialization with companies that include Bonduelle, a global leader in the production of vegetables; Hormel Foods Corporation, a major processed meat manufacturer in the United States of America; and Sutro Biopharma, a company developing a protein synthesis process for the pharmaceutical industry. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese^® brand. The Company has also signed a license and manufacturing agreement with NutraDried Creations to market the dried cheese and other REV™ snack products through private label distribution channels in the United States and Latin America.

EnWave has signed a wide range of research agreements with an expanding list of companies that include Nestlé, Kellogg's, Ocean Spray Cranberries, Sun-Maid Growers, R.J. Reynolds and Merck among others. EnWave is introducing REV™ as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.

EnWave currently has five REV™ platforms: commercial-scale nutraREV^® is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company has also commercialized powderREV^® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point and quantaREV™ for continuous, high-volume low-temperature drying. Both bioREV™ and freezeREV™ are being developed as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation
Dr. Tim Durance
President, CEO and Director

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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For further information:

Mr. John Budreski
Executive Chairman
EnWave Corporation
+1 (416) 930-0914
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Mr. Brent Charleton
Vice President
Corporate Affairs
+1 (778) 378-9616
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